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Telecom NZ offers a lifeline to Quickflix

Nov 22, 2012 (The Australian - ABIX via COMTEX) --
Telecom New Zealand is rumoured to have provisionally agreed to provide about one third of the $A8m online movie rental firm Quickflix needs to avoid administration. Quickflix suspended its shares on 13 November 2012, pending confirmation of a new investor and capital raising. Quickflix's cash reserves have fallen from $A5.7m to $A2.2m and the company reported a net operating cashflow loss of $A1.8m.